decrease was derived from engineering service, solar energy, and Trading business. • Overall gross profit margin decreased from 13.3% to 9.1% amount Baht (24.09) million. 2019 2018 Revenue 383.44 443.08

car parking services and utility fees. The Company also had a foreign exchange gain of THB 3.0 million during the 6 month period. Gross profit margin from both sales of goods and rental and rendering of

Warehouse in Q3. The Company also had a foreign exchange gain of THB 0.1 million during the quarter. Gross profit margin from both sales of goods and rental and rendering of services increased from 23.0% to

JVs /3 Excluding FX impact and one-time gain/(loss) items In the first quarter of 2019, the Company had the net profit of THB 406.6 mm, which decreased by THB 373.3 mm or 47.9%, compared to the same

with short position) are required to make an initial margin deposit with their futures agent to secure their performance under futures contracts. Since the amount of initial margin is small compared to

-74% -51% 555 196 -65% EBITDA Margin (%) 7.5% 5.0% 2.2% -5.2% -2.7% 8.7% 3.5% -5.1% Stock Gain/(Loss) & NRV 10 - 32 - 119 -1299% 269% 16 - 152 -1045% Adjusted EBITDA (Million Baht)(3) 235 164 184 -22

result The Company’s operating result for the year 2019, revenue from sales increase from last year by 16.7%. Gross profit margin is equal to 46.6%, whereby net profit for the year is equal to Baht 262.21

comprehensive income 0.15 (0.05) (0.20) -132.37% Total comprehensive income for the year 45.16 30.70 (14.46) -32.03% Gross profit margin 27.90% 25.58% Net profit margin 13.59% 9.67% Performance (Statement of

1 | MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2020 Management Discussion and Analysis for the Year 2020 1 March 2021 In the 3-month period of Q4-2020, UWC reported gross margin of THB 28.04

-8.68% Gross Profit 396 533 -137 -25.72% Gross Profit Margin (%) 9.34% 11.24% -1.90% SG&A Expenses 310 300 10 3.48% EBIT before share of profit (loss) from Investment in Associates and Joint Venture 275